Data and Process Model
CreditVisible wants to make the process to access credit easier for those that are credit invisible. The process currently requires someone to have had a credit account open for at least six months. It is also difficult for those that have no credit history to find a bank that will offer a credit card. The six month wait period can be a major pain point for someone that is looking to show that they are credit worthy in an instant.
CreditVisible will allow users to gain access to a financial score much quicker by analyzing past payment history. Users can connect bank accounts and input additional financial history into the dedicated app. While Gen Z makes up approximately 21% of the U.S. population, almost 40% of them are mobile users. It is a group that can quickly navigate smartphones and apps, which is why our app will allow them to sign up and access CreditVisible directly from their phone.
Another issue among those that are credit invisible is that they also lack knowledge of the banking system and how to achieve good credit. Gen Z is, on average, the generation with the lowest credit score. Those that create an account with CreditVisible will have the opportunity to learn more about what makes someone creditworthy and how to boost their credit by utilizing the many resources that will be available on the app.
There are nearly 45 million people that are credit invisible in the United States and around 90 million Americans that are Gen Z. These two groups make up a significant portion of the U.S. market and are in need of a financial institution to assist them in becoming financially stable. Banks will be able to bring in new and young customers to establish a strong relationship with them and to hopefully keep them as longtime customers. It has been found that U.S. consumers keep checking accounts with banks for an average of 16 years and many keep their credit card provider for 10 or more years. This could be a huge advantage for banks looking to attract loyal customers.
